Choosing the right proprietary trading firm can be a daunting task given the burgeoning prop industry filled with uncertainty and diverse trading requirements. To aid traders in navigating this complex landscape, we provide comprehensive reviews of legitimate prop firms. In this discussion, we delve into OspreyFX and its distinctive two-step Evaluation Program tailored for traders with varying styles and needs.
OspreyFX’s Innovative Two-Step Evaluation Program Explained
OspreyFX stands out in the prop trading industry by offering an evaluation program designed to test and nurture the skills of traders across the board. The program is split into two phases, each with its own set of realistic goals and requirements, spread across four different account sizes. Let’s dissect these phases:
Phase One: The Initial Challenge
- Profit Target: Traders must achieve a 10% profit target without exceeding a 5% maximum daily loss or a 12% maximum loss limit.
- Duration: This target must be met within 30 calendar days from the first trade placed on the evaluation account.
- Trading Days Requirement: A minimum of ten trading days is necessary to advance to the next phase.
Phase Two: The Final Hurdle
- Profit Target: Traders are tasked with reaching an 8% profit target while adhering to the same loss limits as in Phase One.
- Duration: The profit target for this phase must be achieved within 60 calendar days from the commencement of trading on the evaluation account.
- Trading Days Requirement: A continuation of the ten minimum trading days requirement is essential for progression to a funded account.
Successful completion of both phases grants traders access to a funded account with OspreyFX, where they are freed from profit targets but must still observe the 5% maximum daily loss and 12% maximum loss rules. This two-step evaluation program is designed to ensure traders are well-prepared and capable of managing the responsibilities that come with a funded account, highlighting OspreyFX’s commitment to their traders’ success and skill development.
